Pushed Past the Limit? How Japanese Banks Reacted to Negative Rates
研究了日本意外引入负利率政策对银行放贷和风险承担行为的影响，发现受冲击较大的银行通过增加风险承担和信贷供给来保护利润。
Abstract We investigate how the surprise introduction of negative interest rate policy (NIRP) in Japan affected banks' lending and risk‐taking behavior. Equity prices of Japanese financial firms fell sharply despite the accommodative policy, and we document the characteristics that heighten Japanese banks' exposure to NIRP. We exploit the cross‐sectional variation in the change of share prices around the announcement to measure banks' differential exposure to NIRP. Consistent with the risk taking channel, we find that more exposed banks insulated their profits from the adverse effects of NIRP by boosting risk‐taking behavior and increasing credit supply relative to less exposed banks.